Income Tax : Explore crucial issues in income tax practices, including Section 44AD, TDS obligations, LTCG exemptions, cash deposits, and tax d...
Income Tax : Discover simplified taxation scheme under Section 44AD of Income Tax Act. Learn eligibility criteria, exemptions, and key insights...
Income Tax : Details of Form 13 & section 194C(6) of Income Tax Act 1961. Learn importance of these for transporters & how to avoid excess TDS ...
Income Tax : Explore Form 26A for TDS relief. Learn about legal provisions, benefits, and procedures for non-deduction or short deduction cases...
Income Tax : Discover the debate surrounding cash payments exceeding Rs. 10,000 to electricity boards in Income Tax. Learn about Rule 6DD, gove...
Income Tax : Section 40(a)(ia) is amended via Finance (No. 2) Act, 2014 to restrict the amount of disallowance for non-deduction of tax to 30% ...
Income Tax : The existing provisions of section 40(a)(ia) of Income-tax Act provide for the disallowance of expenditure like interest, commissi...
Income Tax : ITAT Ahmedabad held that addition merely on the basis of retracted statement without any incriminating material seized from assess...
Income Tax : The assessee had filed return of income of Rs.92,06,590 which was selected for complete scrutiny and during the course of assessme...
Income Tax : ITAT Pune held that delay of 2086 days in filing of an appeal against CIT(A) not condonable as sufficient cause or sufficient reas...
Income Tax : Kerala High Court held that when employees' contribution to EPF/ESI not made within due date prescribed for making payments is lia...
Income Tax : ITAT Delhi held that written off of obsolete inventory allowable as prepared in accordance with accounting standards and duly got ...
Income Tax : Circular No. 3/2015 Section 40(a)(i) of the Act stipulates that in computing the income chargeable under the head "Profits or gain...
Income Tax : Sub: Deduction of tax at source under Section 195 read with Sections 201 of the Income-tax Act, 1961 relating to payment made to a...
Income Tax : Circular No. 10/DV/2013-Income Tax It has been brought to the notice of the Board that there are conflicting interpretations by j...
ITAT Mumbai held that the assessee is not liable to deduct tax at source from the discount paid on prepaid sim card/recharge vouchers. Thus, disallowance made u/s 40(a)(ia) of the Income Tax Act liable to be deleted.
HC court upheld factual findings of lower authorities, emphasizing its limited jurisdiction under Section 260A of Income Tax Act. It clarified that it cannot reevaluate questions of fact in the absence of any grounds alleging perversity in the findings.
The issue involved the contention that disallowance under Section 40(a)(ia) should not be made if the payee has already paid taxes. Noteworthy payees included public limited companies such as Maruti Udhyog Ltd., and Non-Banking Finance Corporations like Sundaram Finance, AU Finance, and Mahindra & Mahindra Finance.
ITAT Delhi held that without pointing out any specific defect in the audited books of accounts, AO cannot and should not make any estimated addition. Accordingly, such estimated addition deleted.
ITAT Chennai held that disallowance of interest u/s 36(1)(iii) of the Income Tax Act on loans and advances given to subsidiary company unjustified as investment in subsidiary is purely for commercial expediency.
ITAT Raipur restored the matter back to the file of AO in case of disallowance u/s. 40(a)(ia) of the Income Tax Act as the CA certificate submitted was not as per the prescribed form i.e. Form 26A. Post submission of CA certificate in prescribed form, disallowance u/s 40(a)(ia) will be vacated.
Dive into an income tax appeal against Commissioner’s order. Explore discrepancies, disputed additions, and ITAT Raipur’s direction for reexamination.
Explore the ITAT Chennai order in ATC (Assam) Pvt. Ltd. vs. ITO-TDS for AY 2016-17. Key issues include TDS on rental payments, interest imposition, and disallowance u/s 40(a)(ia).
In a case involving contract expenses, ITAT Ahmedabad rules that no TDS is applicable under Section 194C of the Income Tax Act for purchase expenses, setting aside the disallowance.
ITAT Chennai held that disallowing the interest to the extent of amount advanced to its sister concern unsustainable as subsidiaries are engaged in the business as that of the assessee and it is called the expansion of business.
